Sam Walton, a leader with an innovative vision, started his own company and made it into the leader in discount retailing that it is today. Today, the company is still growing steadily. The future looks bright for Wal-Mart, especially if it is able to strike a comfortable balance between increasing its profits and recognizing its social and ethical responsibilities.
In 1962, when Sam Walton opened the first Wal-Mart store in Rogers, Arkansas, no one could have ever predicted the enormous success this small-town merchant would have. Wal-Mart is successful not only because it makes sound strategic management decisions, but also for its innovative implementation of those strategic decisions. Walton had a reputation for caring about his customers, his employees, and the community.
Wal-Mart executives continue to adhere to the management guidelines Sam developed. The word 'always' can be seen in virtually all of Wal-Mart's literature. Walton's greatest accomplishment was his ability to empower, enrich, and train his employees. He believed in listening to employees and challenging them to come up with ideas to make the company better.
The key features of Wal-Mart's approach to implementing the strategy put together by Sam Walton emphasizes building solid working relationships with both suppliers and employees. This strategic formula is used to provide customers access to quality goods, to make these goods available when and where customers want them. Wal-Mart stores operate according to their 'Everyday Low Price' philosophy. Wal-Mart's future will depend on how well the company manages its expansion plans. Also, if Wal-Mart continues to follow Sam Walton's vision of expansion, Wal-Mart will reach its peak in the very near future. When it does, its growth will start to slow down and the company will need to turn its strategic attention to diversification for future...